Latest update as of March 3, 2025:
On March 2, 2025, the US Treasury Department announced that not only will it not impose penalties or fines under the current regulatory deadlines, but it will also not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect.
On February 27, 2025, FinCEN had announced that companies that do not file or update their beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines—March 21, 2025, for most companies—will not be fined or penalized and that it would issue an interim rule establishing extended deadlines.
See: Urgent Update - BOI/CTA - Corporate Transparency Act (CTA) Reporting Requirements BACK in EFFECT (for now…)
In its March 3rd announcement, the Treasury Department stated that it now plans to issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
This situation is ever evolving—stay tuned for updates. Due to the continuing uncertainty, please stay informed. You can find updates directly from FinCEN by visiting their site:
Need Additional Guidance?
If you’re unsure how this development impacts your business or need help preparing for potential reporting obligations, contact us. Our team is here to help navigate this evolving legal landscape and ensure you’re prepared for any changes.
Current PB Law Clients can schedule a BOI / CTA Q+A Meeting here:
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- Tiffany Ballenger Floyd, Esq. | Managing Partner, Phillips Ballenger Estate Attorneys | Licensed in NV + CA
Updated: 03-05-2025